Math and reading skills can go a long way toward a solid financial education.
the main points
A growing body of evidence indicates this Financial habits are learned at the age of seven. Support the development of strong financial practices by participating in your child’s financial education. We don’t ask you to have your child balance your checkbook or manage your credit score. Instead, engage in teaching basic math and reading skills in the context of personal finances. Ready to get started? Read on to find out more.
1. Read together
Reading together is one way that parents can build a learning environment. Take it one step further by reading books with money related topics, and turn your child’s literacy skills into financial literacy skills.
A variety of books contain financial topics that are accessible to young children. Berenstain Bears books are known for their elementary school reading level and family-friendly stories. Berenstain Bears: A problem with money Learning takes one step further to include the topics of making money to reach a goal.
Another much appreciated book, You can’t buy a dinosaur with a cent, makes your own provisioning case, where the main character Pete makes the financial decisions. Through the story, Pete earns an allowance, saves toward a goal, spends too much, and learns the importance of financial responsibility.
2. Involve them in missions
When it comes to personal finances, learning experiences surround us in our daily lives. Missions are a great opportunity to teach math and money skills, as long as you take the steps to get your little ones involved.
Take a trip to the grocery store, for example. Young people can help identify the products on the shelves that are more expensive, and thus learn the value of comparing options. Ask your child how much he will estimate the cost of the trip. When it comes to paying for your groceries, give your child a chance to scan Credit card Or pay with exact change. In addition to learning math skills, a grocery store trip can provide important context regarding the non-discretionary expenses your family pays for each week.
3. Pay a modest allowance
One of the most effective teaching tools you can use to make savings and spending real for your child is to pay a modest allowance for well-done chores. Earning leads to saving and ultimately spending and all the way to learning.
Before you start paying the allowance, set expectations for how much the allowance will be, how often it will be paid, and under what terms it will be paid. Next, work with your child to set a savings goal to work toward. By earning and saving money, young children can learn not only the value of chores and contributions to the family, but also the value of goal setting and saving for it.
Allowances can be hard to keep track of. Use technology, like Greenlight app, for help. Paying the allowance is part of developing a strong financial education among children. By reading, getting them involved in errands and paying a premium, you can cultivate a solid financial education for your child. It’s a beat mode.
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